Tredegar Adopted Plan On August 3, 2023, To Close PE Films Technical Center In Richmond And Reduce Its Efforts To Develop And Sell Films Supporting Semiconductor Market
Benzinga Newsdesk 3 years ago
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Future research & development activities for PE Films will be performed at the facility in Pottsville, PA.The Company expects to recognize cash costs associated with exit activities of $1.8 million.In
Future research & development activities for PE Films will be performed at the facility in Pottsville, PA.The Company expects to recognize cash costs associated with exit activities of $1.8 million.In addition, the Company expects non-cash asset write-offs and accelerated depreciation of up to $4.5 million. Net annual cash savings of $3.4 million are anticipated, beginning in the fourth quarter of 2023.